Advise on if I can get a car in finance for my partner to drive when I don’t have a full licence

staceyd1991

I’m not sure if you’re allowed to do this?
Google doesn’t seem to help much.
i have a provisional driving licence but not a full one, I don’t have the confidence to learn to drive myself.
my partner has a full driving licence but no car at the moment.
we both want to be able to get around easier rather than getting taxis/buses everywhere 

I wanted to get a car on finance but my partner to drive it. He has a a few ccjs and defaults from 4 years ago but my credit file is spotlessly clean not a missed payment in sight!

he has tried to get finance himself but the apr he has been quoted is ridiculous! 30%+ 

I did a soft search and I was quoted 8%-10% apr so a lot cheaper

if I was to get the car in my name on finance but he would be register keeper am I allowed to do this even when I don’t have a full licence? 

Any help would be appreciated 

thank you

born_again

You would need to speak to finance co's. As some will not allow.
Even more so given you only have a provisional licence.

You could look at bank loans, which negate the issue.

DullGreyGuy

Legally you can but many finance companies want the debtor to be the main user of the vehicle. As long as you are upfront about it there are lenders that will consider it or alternatively you could get a loan and divorce the debt from the car in which case there is certainly no problem. 

prettyandfluffy

Look at a bank loan, you can say it's to buy a car but there is no further information required about who will drive it etc. 

Jenni_D

The only thing to watch re. a bank loan is that you probably won't have Section 75 protection (but I may be wrong), whereas finance directly linked to the car purchase (e.g. finance provided under PCP via the seller) would have it.

Brie

So he would own the car and you would own the debt? 

Jenni_D

Brie said:

So he would own the car and you would own the debt? 

Not necessarily ... OP could own the debt (so own the car when the debt is paid off) and be the registered keeper. However the partner would have insurance in their own name and be the main driver of the car. So whilst the partner drives it, the OP still owns the asset  

Brie

Jenni_D said:

Brie said:

So he would own the car and you would own the debt? 

Not necessarily ... OP could own the debt (so own the car when the debt is paid off) and be the registered keeper. However the partner would have insurance in their own name and be the main driver of the car. So whilst the partner drives it, the OP still owns the asset  

Thanks for clarifying.  Still not something I'd be that thrilled to go for myself but at least if the partner drove off into the sunset s/he presumably could be done for theft.

DullGreyGuy

Jenni_D said:

The only thing to watch re. a bank loan is that you probably won't have Section 75 protection (but I may be wrong), whereas finance directly linked to the car purchase (e.g. finance provided under PCP via the seller) would have it.

You definitely won't because there is no link between the Creditor and the Supplier as the creditor paid you the money not the supplier. 

Jenni_D

Thanks - that's what I thought but I wasn't 100% sure.

prettyandfluffy

Jenni_D said:

The only thing to watch re. a bank loan is that you probably won't have Section 75 protection (but I may be wrong), whereas finance directly linked to the car purchase (e.g. finance provided under PCP via the seller) would have it.

I paid the deposit for my car by credit card for the protection, paid the rest with a mixture of cash/px/personal loan.  It's a personal preference but I avoid "car finance" as there are usually better deals available to me.  The only time when it was a no brainer was 0% finance offered by Honda on used cars during the pandemic.  Even then, I paid the deposit by credit card.